In for a penny, in for £200,000! Rare Edward VIII coin is to be sold for huge sum

A rare coin minted to mark Edward VIII’s brief reign is to be sold – but will not fall into the hands of just one buyer.

The penny, valued at £200,000, will be split into 4,000 shares each costing £50. 

Buyers will be limited to owning 10 per cent – 400 shares. The copper 1d piece was due to be issued widely from 1937. 

But plans were abandoned in December 1936 following the abdication crisis which resulted in Edward relinquishing the throne to marry American divorcee Wallis Simpson.

In 1978, the penny – one of around 50 ‘pattern’ coins produced to evaluate the design – sold for £25,000 and in 2019 fetched £133,000. 

It is insured for £200,000, says Showpiece.com, which is selling shares from March 8. The policy will be updated to reflect changes in the coin’s value.

Dan Carter, co-founder of Showpiece.com, which acquires rare items for shared ownership, said the coin is surrounded by an ‘irresistible story which will captivate historians and the public alike’.

He added: ‘We are expecting significant interest.’

So-called ‘fractional ownership’ gives people an opportunity to have a small stake in a rare or desirable item, such as an artefact or artwork, in a way that is relatively affordable.

In general, people need to be aware that the value of items can go down as well as up.

Some items of Edward VIII memorabilia have sold for significant sums recently.

In January 2020, another coin, an Edward VIII gold sovereign, was snapped up for £1 million.

That coin was bought by a private buyer in the UK, having been located by the Royal Mint from a collector. It was one of a small collection of trial sets.

In October 2021, a letter from Edward VIII hinting at his disenchantment with life as a royal as a young man was sold at auction for £7,117.